[Update (12/31/24): Enforcement of CTA Halted Yet Again After Federal Court Reverses Course and Reinstates Nationwide Injunction]

On December 23, 2024, the U.S. Court of Appeals for the Fifth Circuit lifted the preliminary injunction blocking the enforcement of the Corporate Transparency Act (the “Act”).

In response to the Fifth Circuit decision, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued an alert titled “Beneficial Ownership Information Reporting Requirements Now in Effect, with Deadline Extensions,” which is posted on the BOI Beneficial Ownership Information web page. The alert notifies potential filers that the requirement for reporting companies to file beneficial ownership information with FinCEN has been reinstated but that new and updated compliance deadlines would be in effect.

Accordingly, the original January 1, 2025, deadline that was in place for any reporting company that was formed prior to January 1, 2024, has now been extended to Monday, January 13, 2025.

In addition, for reporting companies that were formed after January 1, 2024, and had not been required to file prior to the preliminary injunction, FinCEN provided the following revised and extended deadlines:

  • Companies formed on or after September 4, 2024, that had a filing deadline between December 3, 2024, and December 23, 2024, have until January 13, 2025, to file their initial beneficial ownership information reports with FinCEN.
  • Companies formed on or after December 3, 2024, and on or before December 23, 2024, have an additional 21 days from their original filing deadline to file their initial beneficial ownership information reports with FinCEN.
  • Companies that qualify for disaster relief may have extended deadlines that fall beyond January 13, 2025. These companies should abide by whichever deadline falls later.
  • Companies that are formed on or after January 1, 2025, will have 30 days to file their initial beneficial ownership information reports with FinCEN after receiving actual or public notice that their creation or registration is effective.

We will continue to monitor developments in this litigation and any further impact on the Act’s beneficial ownership reporting requirements.

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For additional information about the issues discussed in this Insight, please contact one of the attorneys listed on this page or the Epstein Becker Green attorney who regularly handles your legal matters.

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